Samantha Postman

INTRODUCTION
Money Myths

I had a fantastic conversation with today’s guest. After our interview, I thought about the money myths that get repeated so many times we begin to believe them.

For example, the myth that you have to be born into money or come from a wealthy family to achieve financial freedom.

I asked myself why some people accept these myths at face value and others, like today’s guest, challenge them and win.

The answer I came to was a combination of curiosity paired with grit and determination. Today’s guest embodies both of these qualities.

She challenged the status quo and paved a pathway for herself from humble beginnings to financial freedom.

THE INTERVIEW
Samantha Postman

The Early Years

Growing up in rural Alberta, Canada, Samantha faced numerous challenges. Born to a teenage mother, she experienced poverty and instability. She was raised in a welfare household without financial education or support.

Despite these obstacles, Samantha had an unwavering determination to rise above her circumstances. She developed an entrepreneurial spirit, which helped her along the way. She also learned the importance of resourcefulness and self-sufficiency from a young age.

Around the age of 10, she realized that she didn’t want to be helpless or a ward of the state. She saw someone else do a lemonade stand and decided to do one herself.

It was an incredibly hot day, so before long, an old truck pulled up, and a tired construction worker got out. He bought a bunch of lemonade and complimented her on how good it was. This was the first aha moment that set her toward entrepreneurship.

Before long, she was babysitting, selling chocolate bars door to door, and finding other ways to make money.

Around the age of 15 she started a job at McDonalds. It was the only place that would hire her. By 17, she was on her own, paying her own rent, buying her own food, and doing what was needed to get through school. She did not let anything stop her.

The Journey

Early on, Samantha recognized the importance of education as a path to better her life. Making this a priority, she worked her way through university. She went on to be one of the first in her family to earn a post-graduate degree.

Samantha met her now husband when she was 16. They married a few years later, when he finished university and she was nearing the end. Their first year filing taxes together changed her life trajectory.

They ended up owing thousands of dollars, making her feel helpless again. Samantha went on to get certified to prepare taxes and fell in love. This certification led to a 20 year career and her preparing over 7,500 tax returns.

Samantha shared that taxes are even more personal than someone’s medical records. They generally include some level of your medical data (expenses) and all of your financial data.

During her time doing taxes, Samantha gained a unique perspective on the financial lives of people from all walks of life. She learned that many people struggle with financial literacy and that even those who make a lot of money can make poor financial decisions.

These were lessons she put to work in her life and her and her husbands farm business. These lessons, put to work, allowed her not only to have a career in taxes, but also to grow what started as a small farm to a large farming operation.

After a medical issue sidelined her from her tax career, she took some time to heal and has gone on to start several successful businesses and is now recognized as a top public speaker, entreprenuer and content creator.

Financial Freedom

Samantha and I discussed financial freedom and I loved her explanation of what financial freedom is.

It is a journey that requires time, effort and perserverance. Anyone can achieve financial freedom with hardwork, dedication, and smart planning.

Teaching kids about money

Samantha is a proud mama. She and her husband raised three kids who are all now young adults out on their own and thriving. I asked her for her advice on how to teach children about money.

First and foremost, she said to talk to them about money, early and often. Too frequently, we underestimate what kids are capable of. As soon as they are able to understand, make them part of the financial decision-making process. Let them help with budgeting, shopping, and investing.

Teach them about the differences between needs and wants. They can’t always have everythign they want so the must learn to prioritize.

This starts by setting a good example for your kids. They learn by watching the adults in their lives.

My favorite piece of advice Samantha shared on this topic is to treat your kitchen table like a boardroom table. Have regular family meetings where you discuss finances and make financial decisions together.

Finally, as they near the age of 16, treat them like adults. You will parent them differently if you do this. This will give you 2 years to prepare them for the real world on their own.

KEY LESSONS AND TAKEAWAYS
Anyone can achieve financial freedom

Live within your means: Samantha emphasized the importance of living within your means to achieve financial freedom. Budgeting is essential, but it's important to strike a balance between saving money and making money. She advises against spending excessive time managing your budget, as it can take away from opportunities to increase your income.

Think like an investor: When making financial decisions, consider the bigger picture and take into account the tax consequences. Don't focus solely on saving money; look for ways to invest wisely and multiply your wealth.

Teach financial literacy to your children: Parents should teach their children about financial literacy, including budgeting, investing, and the importance of saving for the future. This can help them make informed financial decisions as they grow older.

Invest in valuable education: While a traditional education is important, Samantha emphasizes the value of investing in education that teaches practical skills and knowledge. This can include courses, workshops, or mentorship programs that provide valuable insights and skills for success.

Develop a strong work ethic: Samantha's journey to financial freedom was driven by her strong work ethic and determination. She emphasizes the importance of hard work and perseverance in achieving your financial goals.

Network and build relationships: Building a strong network of relationships can be crucial for financial success. Samantha suggests attending industry events, joining professional organizations, and actively engaging with others in your field.

Actionable Advice:

Create a financial plan: Samantha recommends creating a financial plan that outlines your income, expenses, and savings goals. This plan should help you stay on track and make informed financial decisions.

Invest in yourself: Invest in your education, skills, and personal development. This can include taking courses, attending workshops, or hiring a coach or mentor. Investing in yourself can lead to increased earning potential and career opportunities.

Start a side hustle: Consider starting a side hustle to generate additional income. This could be anything from freelancing to selling handmade goods. A side hustle can help you save more money and reach your financial goals faster.

Be generous with your wealth: Samantha believes that wealth is not just about money, but also about the impact you make on others. She encourages people to be generous with their wealth and support causes they believe in.